IBM profit tops expectations, stocks jump
Strong results pushed the company’s shared 5% higher
Stocks impacted: International Business Machines Corp. (IBM)
IBM reported a profit and for the fourth quarter that exceeded market expectations, as well as revenues. The company’s fourth-quarter profit came in at $3.67 billion or $4.11 per share, up from last year's profit of $1.95 billion. Excluding one-time items, earnings from continuing operations were $4.71 per share versus a consensus estimate of $4.68 per share. IBM's fourth-quarter revenues rose 0.1% to $21.78 billion from $21.76 billion last year. Cloud and cognitive software revenue was up 8.7% to $7.2 billion. The giant also issued a strong outlook for the full year 2020. It expects $13.35 in earnings per share, excluding certain items. After the report, IBM shares rallied nearly 5%.
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